The Bancorp Extends Deal With Chime, Boosting Position As Banking Sponsorship Services Provider

The Bancorp Inc TBBK disclosed a long-term extension of its private label banking services deal with Chime Financial, Inc.

The extended agreement will aid in boosting TBBK's position as a provider of banking sponsorship services to the U.S. banking sector.

As per the deal, TBBK will hold its role as the key banking partner and continue to manage Chime member deposit accounts.

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"We are thrilled to not only renew, but to also expand our partnership with Chime, as it solidifies our dedication to driving the future of fintech. At The Bancorp, we are committed to embracing innovation and redefining what is possible in the world of banking. Our goal is to not only meet but exceed the needs and expectations of Chime members now and into the future," said Ryan Harris, EVP and Head of Fintech Solutions.

In April, TBBK reported a Q1 2023 EPS of $0.88, beating the consensus of $0.76. 

Price Action: TBBK shares closed higher by 3.30% at $36.35 on Tuesday.